Operating margins have experienced significant volatility, swinging from a 19.8% peak in 2025Q1 to a negative 12.2% in 2026Q4, reflecting the difficulty of scaling a high fixed-cost structure during periods of cooling demand.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 6.04B | 5.83B | 5.63B | 5.86B | 5.74B | 4.54B | 3.98B | 3.77B | 3.6B | 3.42B | 3.28B | 3.07B | 2.84B | 2.56B | 2.51B | 2.25B | 1.95B | 1.93B | 1.99B | 2.01B | 2.11B | 2.01B | 2.18B | 2.14B | 2.19B | 2.03B | 1.74B | 1.56B | 1.36B | 1.39B |
| Revenue Growth % | 3.59% | 3.61% | -4.08% | 2.18% | 26.37% | 14.15% | 5.58% | 4.65% | 5.24% | 4.47% | 6.54% | 8.44% | 10.81% | 1.85% | 11.58% | 15.34% | 0.92% | -2.66% | -1.12% | -4.61% | 4.91% | -7.71% | 1.62% | -2.38% | 8.09% | 16.91% | 11.58% | 14.43% | -1.86% | 5.91% |
| Cost of Goods Sold | 855.29M | 824.26M | 792.68M | 843.42M | 4.29B | 723.18M | 627.19M | 550.83M | 622.5M | 602.42M | 575.05M | 554.47M | 511.3M | 492.65M | 648.92M | 497.52M | 1.3B | 1.34B | 1.37B | 1.36B | 1.63B | 1.69B | 1.82B | 1.85B | 2.01B | 1.84B | 1.41B | 1.28B | 1.19B | 1.14B |
| COGS % of Revenue | 14.17% | 14.14% | 14.09% | 14.38% | 74.68% | 15.92% | 15.76% | 14.62% | 17.29% | 17.61% | 17.56% | 18.03% | 18.03% | 19.25% | 25.83% | 22.1% | 66.35% | 69.46% | 68.83% | 67.81% | 77.57% | 84.23% | 83.51% | 86.41% | 91.53% | 90.77% | 80.95% | 82.26% | 87.21% | 82.47% |
| Gross Profit | 5.18B | 5B | 4.83B | 5.02B | 1.46B | 3.82B | 3.35B | 3.22B | 2.98B | 2.82B | 2.7B | 2.52B | 2.32B | 2.07B | 1.86B | 1.75B | 656.8M | 590.67M | 619.42M | 646.88M | 472.46M | 316.61M | 358.91M | 290.9M | 185.76M | 187.26M | 330.63M | 276.06M | 173.82M | 242.8M |
| Gross Margin % | 85.83% | 85.86% | 85.91% | 85.62% | 25.45% | 84.08% | 84.24% | 85.38% | 82.71% | 82.39% | 82.44% | 81.97% | 81.97% | 80.75% | 74.17% | 77.9% | 33.65% | 30.54% | 31.17% | 32.19% | 22.43% | 15.77% | 16.49% | 13.59% | 8.47% | 9.23% | 19.05% | 17.74% | 12.79% | 17.53% |
| Gross Profit Growth % | 3.56% | 3.55% | -3.75% | 243.8% | -61.75% | 13.94% | 4.16% | 8.03% | 5.65% | 4.4% | 7.16% | 8.44% | 12.49% | 10.89% | 6.23% | 167.03% | 11.2% | -4.64% | -4.24% | 36.92% | 49.22% | -11.78% | 23.38% | 56.6% | -0.8% | -43.36% | 19.77% | 58.81% | -28.41% | -2.03% |
| Operating Expenses | 4.72B | 4.29B | 3.86B | 3.58B | 33.85M | 2.86B | 2.81B | 2.6B | 2.21B | 2.08B | 1.83B | 1.86B | 1.69B | 1.57B | 1.45B | 1.38B | 463.26M | 469.63M | 415.7M | 411.65M | 167.08M | 149.62M | 231.99M | 181.69M | 143.63M | 140.04M | 131.08M | 104.79M | 83.85M | 108.84M |
| OpEx % of Revenue | 78.2% | 73.57% | 68.53% | 60.97% | 0.59% | 62.92% | 70.66% | 68.91% | 61.46% | 60.68% | 55.99% | 60.4% | 59.74% | 61.24% | 57.61% | 61.13% | 23.73% | 24.28% | 20.92% | 20.48% | 7.93% | 7.45% | 10.66% | 8.49% | 6.55% | 6.9% | 7.55% | 6.74% | 6.17% | 7.86% |
| Selling, General & Admin | 19.26M | 20.5M | 32.65M | 30.83M | 0 | 28.47M | 26.88M | 33.16M | 33.96M | 37.34M | 49.78M | 79.8M | 100.47M | 117.45M | 131.22M | 150.81M | 121.11M | 250.04M | 108.82M | 116.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | 0.32% | 0.35% | 0.58% | 0.53% | - | 0.63% | 0.68% | 0.88% | 0.94% | 1.09% | 1.52% | 2.6% | 3.54% | 4.59% | 5.22% | 6.7% | 6.2% | 12.93% | 5.48% | 5.82% | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4.7B | 4.27B | 3.82B | 3.54B | 33.85M | 2.83B | 2.78B | 2.56B | 2.18B | 2.04B | 1.78B | 1.78B | 1.59B | 1.45B | 1.32B | 1.23B | 342.16M | 219.59M | 306.88M | 294.69M | 167.08M | 149.62M | 231.99M | 181.69M | 143.63M | 140.04M | 131.08M | 104.79M | 83.85M | 108.84M |
| Operating Income | 460.88M | 716.15M | 977.79M | 1.45B | 1.43B | 961.15M | 540.13M | 620.99M | 765.25M | 743.16M | 866.63M | 663.02M | 630.21M | 499.18M | 416.01M | 377.69M | 193.54M | 121.05M | 203.72M | 235.23M | 305.38M | 167M | 126.92M | 109.21M | 42.13M | 47.22M | 199.55M | 171.27M | 89.97M | 133.97M |
| Operating Margin % | 7.63% | 12.29% | 17.38% | 24.65% | 24.86% | 21.16% | 13.57% | 16.48% | 21.25% | 21.72% | 26.46% | 21.57% | 22.23% | 19.51% | 16.56% | 16.78% | 9.91% | 6.26% | 10.25% | 11.71% | 14.5% | 8.32% | 5.83% | 5.1% | 1.92% | 2.33% | 11.5% | 11.01% | 6.62% | 9.67% |
| Operating Income Growth % | -35.64% | -26.76% | -32.36% | 1.33% | 48.43% | 77.95% | -13.02% | -18.85% | 2.97% | -14.25% | 30.71% | 5.21% | 26.25% | 19.99% | 10.14% | 95.15% | 59.88% | -40.58% | -13.39% | -22.97% | 82.87% | 31.58% | 16.21% | 159.2% | -10.78% | -76.33% | 16.51% | 90.35% | -32.84% | -8.69% |
| EBITDA | 1.75B | 1.7B | 1.82B | 2.2B | 2.12B | 1.63B | 1.2B | 1.2B | 1.32B | 1.22B | 1.26B | 1.02B | 923.38M | 759.67M | 645.8M | 590.02M | 423.13M | 369.62M | 431.52M | 421.33M | 463.09M | 313.6M | 310.89M | 281.06M | 191.19M | 195.25M | 343.54M | 285.37M | 203.79M | 228.33M |
| EBITDA Margin % | 28.95% | 29.14% | 32.34% | 37.54% | 37% | 35.78% | 30.27% | 31.89% | 36.66% | 35.79% | 38.35% | 33.04% | 32.57% | 29.69% | 25.71% | 26.21% | 21.68% | 19.11% | 21.72% | 20.97% | 21.98% | 15.62% | 14.29% | 13.13% | 8.72% | 9.62% | 19.79% | 18.34% | 14.99% | 16.48% |
| EBITDA Growth % | 2.9% | -6.65% | -17.36% | 3.69% | 30.67% | 34.95% | 0.19% | -8.96% | 7.81% | -2.49% | 23.65% | 10.01% | 21.55% | 17.63% | 9.45% | 39.44% | 14.48% | -14.35% | 2.42% | -9.02% | 47.67% | 0.87% | 10.61% | 47% | -2.08% | -43.17% | 20.39% | 40.03% | -10.75% | -8.35% |
| D&A (Non-Cash Add-back) | 1.29B | 982.49M | 841.82M | 756.31M | 696.96M | 664M | 664.12M | 581.02M | 555.07M | 481.52M | 389.39M | 352.8M | 293.17M | 260.49M | 229.79M | 212.32M | 229.59M | 248.57M | 227.8M | 186.11M | 157.71M | 146.6M | 183.97M | 171.85M | 149.06M | 148.03M | 143.99M | 114.1M | 113.82M | 94.36M |
| EBIT | 472.13M | 772.01M | 1.1B | 1.44B | 1.64B | 954.21M | 535.05M | 616.23M | 760.45M | 738.32M | 863.39M | 655.45M | 626.66M | 495.05M | 411.58M | 373.45M | 193.54M | 121.05M | 203.72M | 228.26M | 305.38M | 167M | 171.01M | 115.78M | 42.13M | 47.22M | 199.55M | 171.27M | 89.97M | 133.97M |
| Net Interest Income | -320.1M | -236.66M | -141.57M | -224.73M | -163.47M | -159.86M | -161.35M | -141.62M | -122.81M | -104.8M | -85.02M | -83.2M | -75.52M | -71.52M | -90.37M | -88.38M | -93.35M | -98.47M | -39.31M | -21.66M | -16.39M | -16.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 47.26M | 59.06M | 120.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.11M | 61.09M | 53.09M | 56.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 367.36M | 295.72M | 261.59M | 224.73M | 163.47M | 159.86M | 161.35M | 141.62M | 122.81M | 104.8M | 85.02M | 83.2M | 75.52M | 71.52M | 90.37M | 88.38M | 93.35M | 98.47M | 101.42M | 82.76M | 69.48M | 73.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -348.25M | -238.64M | -137.61M | -226.18M | 48.82M | -164.49M | -162M | -143.46M | -127.63M | -114.81M | -97.72M | -101.61M | -92.69M | -90.7M | -90.37M | -88.38M | -93.35M | -98.47M | -101.42M | -89.41M | -105.11M | -21.86M | -121.69M | -148.13M | -109.47M | -111.88M | -99.86M | -73.66M | -13.67M | -50.44M |
| Pretax Income | 112.63M | 477.51M | 840.18M | 1.22B | 1.48B | 796.66M | 378.12M | 477.53M | 637.61M | 628.36M | 768.91M | 561.42M | 537.52M | 408.49M | 325.64M | 289.31M | 100.19M | 22.58M | 102.3M | 145.82M | 200.27M | 145.13M | 5.22M | -38.92M | -67.33M | -64.65M | 99.69M | 97.61M | 76.3M | 83.53M |
| Pretax Margin % | 1.87% | 8.19% | 14.93% | 20.79% | 25.71% | 17.54% | 9.5% | 12.67% | 17.71% | 18.36% | 23.47% | 18.26% | 18.96% | 15.97% | 12.96% | 12.85% | 5.13% | 1.17% | 5.15% | 7.26% | 9.51% | 7.23% | 0.24% | -1.82% | -3.07% | -3.19% | 5.74% | 6.27% | 5.61% | 6.03% |
| Income Tax | 29.51M | 110.42M | 211.47M | 294.93M | 352.21M | 185.8M | -63.92M | 106.67M | -152.97M | 229.93M | 279.91M | 204.68M | 195.13M | 143.78M | 120.27M | 105.74M | 34.57M | 9.17M | 34.52M | 55.27M | 79.12M | 55.71M | 8.08M | -13.94M | -19.89M | -22.54M | 36.17M | 35.1M | 27.64M | 29.34M |
| Effective Tax Rate % | 26.2% | 23.12% | 25.17% | 24.19% | 23.87% | 23.32% | -16.91% | 22.34% | -23.99% | 36.59% | 36.4% | 36.46% | 36.3% | 35.2% | 36.93% | 36.55% | 34.5% | 40.61% | 33.74% | 37.9% | 39.51% | 38.38% | 154.58% | 35.8% | 29.54% | 34.87% | 36.29% | 35.96% | 36.23% | 35.13% |
| Net Income | 83.13M | 331.8M | 596.94M | 890.75M | 1.12B | 610.86M | 442.05M | 370.86M | 790.58M | 398.42M | 489M | 356.74M | 342.39M | 264.71M | 205.37M | 183.57M | 65.62M | 13.41M | 67.78M | 90.55M | 121.15M | 89.42M | -2.85M | -24.99M | -47.44M | -44.23M | 63.18M | 62.51M | 34.98M | 51.87M |
| Net Margin % | 1.38% | 5.69% | 10.61% | 15.19% | 19.57% | 13.45% | 11.11% | 9.84% | 21.95% | 11.64% | 14.93% | 11.6% | 12.08% | 10.35% | 8.18% | 8.15% | 3.36% | 0.69% | 3.41% | 4.51% | 5.75% | 4.45% | -0.13% | -1.17% | -2.16% | -2.18% | 3.64% | 4.02% | 2.57% | 3.74% |
| Net Income Growth % | -74.95% | -44.42% | -32.98% | -20.7% | 83.89% | 38.19% | 19.2% | -53.09% | 98.43% | -18.52% | 37.07% | 4.19% | 29.35% | 28.9% | 11.87% | 179.74% | 389.36% | -80.22% | -25.14% | -25.26% | 35.48% | 3235.48% | 88.59% | 47.33% | -7.26% | -170% | 1.08% | 78.68% | -32.55% | -14.12% |
| Net Income (Continuing) | 83.13M | 367.09M | 628.71M | 924.47M | 1.12B | 610.86M | 442.05M | 370.86M | 790.58M | 398.42M | 489M | 356.74M | 342.39M | 264.71M | 205.37M | 183.57M | 65.62M | 13.41M | 67.78M | 90.55M | 121.15M | 89.42M | -2.85M | -24.99M | -47.44M | -42.11M | 63.52M | 62.51M | 48.66M | 54.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.24 | 1.69 | 3.04 | 4.54 | 57.29 | 31.15 | 22.55 | 18.93 | 40.36 | 20.34 | 24.95 | 18.21 | 17.51 | 13.56 | 10.09 | 8.80 | 2.74 | 0.02 | 2.78 | 3.72 | 5.19 | 0.00 | -0.01 | -0.12 | 0.01 | 0.06 | 0.29 | 0.28 | 0.16 | 0.20 |
| EPS Growth % | -85.8% | -44.49% | -32.98% | -92.07% | 83.89% | 38.16% | 19.13% | -53.1% | 98.42% | -18.48% | 37.01% | 4% | 29.11% | 34.41% | 14.66% | 221.17% | 13600% | -99.28% | -25.27% | -28.32% | - | 100% | 88.58% | -1030.23% | -78.57% | -79.24% | 3.57% | 75% | -20% | 53.85% |
| EPS (Basic) | 0.24 | 1.69 | 3.04 | 4.54 | 57.29 | 31.15 | 22.55 | 18.93 | 40.36 | 20.34 | 24.95 | 18.21 | 17.51 | 13.56 | 10.09 | 8.80 | 2.74 | 0.02 | 2.78 | 3.72 | 5.19 | 0.00 | -0.01 | -0.12 | 0.01 | 0.06 | 0.30 | 0.28 | 0.16 | 0.20 |
| Diluted Shares Outstanding | 196.08M | 196.08M | 196.08M | 196.08M | 196.08M | 196.08M | 196.04M | 195.92M | 195.89M | 195.87M | 19.6M | 19.59M | 19.56M | 19.52M | 19.48M | 19.43M | 19.39M | 19.35M | 19.74M | 20.84M | 20.86M | 0 | 207.5M | 208.25M | 210.64M | 215.4M | 223.53M | 219.38M | 218.96M | 254.8M |
| Basic Shares Outstanding | 196.08M | 196.08M | 196.08M | 196.08M | 196.08M | 196.08M | 196.04M | 195.92M | 195.89M | 195.87M | 19.6M | 19.59M | 19.56M | 19.52M | 19.48M | 19.43M | 19.39M | 19.35M | 19.74M | 20.84M | 20.86M | 0 | 207.5M | 208.25M | 210.64M | 215.18M | 216.6M | 219.38M | 218.96M | 254.8M |
| Dividend Payout Ratio | 42.46% | 10.64% | 5.32% | 3.79% | 2.62% | 8.02% | 6.65% | 10.56% | 3.72% | 14.75% | 16.03% | 5.49% | 5.72% | 36.8% | 9.49% | - | - | - | - | - | - | - | - | - | - | - | 21.59% | 27.86% | 59.36% | 32.54% |
Cyclical rental demand volatility
According to recent financial disclosures, UHAL's revenue growth has decelerated to 3.1% in 2026Q4, reflecting a cooling in the DIY moving market compared to the double-digit expansion observed in 2025Q4, suggesting that the post-pandemic migration surge is normalizing and impacting the company's top-line momentum across its core segments.
The inconsistent revenue trajectory highlights the company's sensitivity to housing turnover and broader migration patterns. Investors should monitor whether the shift toward recurring self-storage revenue can sufficiently offset the inherent volatility of the transactional truck rental business during periods of reduced consumer mobility.
As reported in quarterly filings, UHAL's gross margin experienced significant variance, plummeting to 4.8% in 2026Q3 before recovering to 85.3% in 2026Q4, which indicates that accounting treatments for fleet-related costs likely obscure the underlying profitability of the company's core rental and storage operations for external observers.
The extreme fluctuations in reported gross margins suggest that depreciation and maintenance expenses are not being consistently captured in direct costs across all periods. This lack of transparency complicates the assessment of true unit economics and warrants further investigation into the company's internal cost allocation methodologies.
Based on UHAL's reported figures, operating margins have struggled to maintain consistency, swinging from a 19.8% peak in 2025Q1 to a negative 12.2% in 2026Q4, demonstrating that the company's high fixed-cost structure prevents efficient scaling when rental volumes and secondary equipment sales experience even moderate declines.
The inability to protect operating income during revenue slowdowns suggests that the company's overhead remains rigid despite fluctuations in demand. This indicates that the business model may be more sensitive to operational leverage risks than the market typically assumes for a diversified industrial holding company.
Analysis of the income statement reveals that UHAL's net income is frequently impacted by non-operating volatility, as evidenced by the net loss of $127.8 million in 2026Q4, which raises questions regarding the sustainability of earnings and the impact of complex actuarial reserves within its insurance segments.
Short-sellers would likely focus on the disconnect between the company's high gross margins and its inconsistent bottom-line profitability. The reliance on non-core insurance segments and the potential for significant swings in equipment gain-on-sale values suggest that reported EPS may not accurately reflect the underlying health of the moving business.
Quick answers to the most common questions about buying UHAL stock.
For fiscal year 2026, U-Haul Holding Company (UHAL) reported total revenue of $6.04B. This represents a 335.8% increase compared to $1.39B in 1997.
U-Haul Holding Company (UHAL) is profitable, generating $83.1M in net income for the fiscal year ending 2026 with a net profit margin of 1.4%.
U-Haul Holding Company (UHAL) reported an operating income of $460.9M, resulting in an operating profit margin of 7.6%. This margin reflects the operational efficiency of the business before interest and taxes.
U-Haul Holding Company (UHAL) generated $5.18B in gross profit for the year, representing a gross profit margin of 85.8%. This demonstrates the company's core pricing power and production efficiency.